%% Grandfathering Project
%% Main regression table
%% Compiled on 2024-07-01 19:18:23 using <3_regs.R>
%% Written by Jack Gregory

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\begin{longtable}[c]{@{\extracolsep{0ex}}l*{7}{D{.}{.}{-2}}@{\extracolsep{-2.0ex}}}
	\caption{Main regression results}
	\label{tbl:reg_main}

\\
\hline\hline \\ [-1.2ex]
 &	\multicolumn{1}{c}{(1)} &	\multicolumn{1}{c}{(2)} &	\multicolumn{1}{c}{(3)} &	\multicolumn{1}{c}{(4)} &	\multicolumn{1}{c}{(5)} &	\multicolumn{1}{c}{(6)} &	\multicolumn{1}{c}{(7)}	\\\\[-1.8ex]
 &	\multicolumn{1}{c}{\textit{OLS}} &	\multicolumn{1}{c}{\textit{OLS}} &	\multicolumn{1}{c}{\textit{OLS}} &	\multicolumn{1}{c}{\textit{OLS}} &	\multicolumn{1}{c}{\textit{IV}} &	\multicolumn{1}{c}{\textit{OLS}} &	\multicolumn{1}{c}{\textit{IV}}	\\\\[-1.8ex]
 &	\multicolumn{1}{c}{\textit{IOU+}} &	\multicolumn{1}{c}{\textit{IOU+}} &	\multicolumn{1}{c}{\textit{IOU+}} &	\multicolumn{1}{c}{\textit{IOU+}} &	\multicolumn{1}{c}{\textit{IOU+}} &	\multicolumn{1}{c}{\textit{All}} &	\multicolumn{1}{c}{\textit{All}}	\\
\midrule \\
\endfirsthead
\hline\hline \\ [-1.2ex]
 &	\multicolumn{1}{c}{(1)} &	\multicolumn{1}{c}{(2)} &	\multicolumn{1}{c}{(3)} &	\multicolumn{1}{c}{(4)} &	\multicolumn{1}{c}{(5)} &	\multicolumn{1}{c}{(6)} &	\multicolumn{1}{c}{(7)}	\\\\[-1.8ex]
 &	\multicolumn{1}{c}{\textit{OLS}} &	\multicolumn{1}{c}{\textit{OLS}} &	\multicolumn{1}{c}{\textit{OLS}} &	\multicolumn{1}{c}{\textit{OLS}} &	\multicolumn{1}{c}{\textit{IV}} &	\multicolumn{1}{c}{\textit{OLS}} &	\multicolumn{1}{c}{\textit{IV}}	\\\\[-1.8ex]
 &	\multicolumn{1}{c}{\textit{IOU+}} &	\multicolumn{1}{c}{\textit{IOU+}} &	\multicolumn{1}{c}{\textit{IOU+}} &	\multicolumn{1}{c}{\textit{IOU+}} &	\multicolumn{1}{c}{\textit{IOU+}} &	\multicolumn{1}{c}{\textit{All}} &	\multicolumn{1}{c}{\textit{All}}	\\
\midrule \\
\endhead
\multicolumn{8}{l}{\textbf{Panel A:  Utilization} [hours per year]} \\ [1.0ex]
\hline
GF &	1574.89^{**} &	1566.76^{**} &	1992.43^{***} &	1844.49^{**} &	1979.57^{**} &	1099.76^{**} &	1170.96^{**} \rule{0pt}{2.6ex} \\
 &	(2.38) &	(2.35) &	(2.67) &	(2.56) &	(2.50) &	(2.36) &	(2.19) \\ [1.0ex]
size &	2564.03^{**} &	2620.00^{**} &	2799.08^{**} &	3138.07^{***} &	2563.44^{**} &	1914.50^{***} &	2326.28^{**} \\
 &	(2.43) &	(2.46) &	(2.58) &	(2.83) &	(2.21) &	(2.83) &	(2.32) \\ [1.0ex]
GF $\times$ size &	-1681.13^{*} &	-1694.90^{*} &	-1889.47^{*} &	-2077.95^{**} &	-1689.56 &	-705.93 &	-1169.18 \\
 &	(-1.76) &	(-1.75) &	(-1.90) &	(-2.10) &	(-1.64) &	(-1.09) &	(-1.28) \\ [1.0ex]
NAAQS &	 &	-776.22^{***} &	902.49^{***} &	971.48^{***} &	881.45^{**} &	806.56^{***} &	813.64^{***} \\
 &	 &	(-2.86) &	(2.96) &	(3.08) &	(2.54) &	(2.65) &	(2.61) \\ [1.0ex]
GF $\times$ NAAQS &	 &	 &	-1833.02^{***} &	-1351.68^{***} &	-1846.21^{***} &	-1617.75^{***} &	-1577.48^{***} \\
 &	 &	 &	(-4.62) &	(-3.73) &	(-4.53) &	(-4.45) &	(-4.45) \\ [1.0ex]
MMBTU &	 &	-251.39^{***} &	-67.87 &	10.30 &	-63.08 &	92.42 &	108.38 \\
 &	 &	(-3.90) &	(-0.96) &	(0.13) &	(-0.45) &	(0.85) &	(0.83) \\ [1.0ex]
GF $\times$ MMBTU &	 &	 &	-247.76^{***} &	-240.31^{***} &	-250.04 &	-370.72^{***} &	-342.23^{**} \\
 &	 &	 &	(-2.91) &	(-2.78) &	(-1.60) &	(-3.17) &	(-2.35) \\ [1.0ex]
ARP price &	 &	0.85 &	 &	0.58 &	0.66 &	 &	2.94^{***} \\
 &	 &	(1.12) &	 &	(0.76) &	(0.80) &	 &	(2.66) \\ [1.0ex]
Sulfur IV &	 &	 &	 &	 &	-251.04 &	 &	558.95 \\
 &	 &	 &	 &	 &	(-0.64) &	 &	(1.43) \\ [1.0ex]
ARP price &	 &	 &	 &	 &	-0.18 &	 &	-0.04 \\
$\quad\times$ sulfur IV &	 &	 &	 &	 &	(-1.02) &	 &	(-0.23) \\ [1.0ex]
\hline \\ [-1.8ex]
Observations &	\multicolumn{1}{c}{9,230} &	\multicolumn{1}{c}{9,230} &	\multicolumn{1}{c}{9,230} &	\multicolumn{1}{c}{8,637} &	\multicolumn{1}{c}{9,033} &	\multicolumn{1}{c}{14,530} &	\multicolumn{1}{c}{14,333} \\
R$^{2}$ &	\multicolumn{1}{c}{0.272} &	\multicolumn{1}{c}{0.281} &	\multicolumn{1}{c}{0.284} &	\multicolumn{1}{c}{0.282} &	\multicolumn{1}{c}{0.284} &	\multicolumn{1}{c}{0.289} &	\multicolumn{1}{c}{0.292} \\
\hline \\
\multicolumn{8}{l}{\textbf{Panel B:  Survival} [percentage points]} \\ [1.0ex]
\hline
GF &	1.85^{*} &	1.87^{*} &	2.92^{**} &	2.66^{**} &	2.88^{*} &	2.92^{**} &	2.88^{*} \rule{0pt}{2.6ex} \\
 &	(1.92) &	(1.94) &	(2.52) &	(2.37) &	(1.78) &	(2.52) &	(1.78) \\ [1.0ex]
size &	3.29^{**} &	3.40^{**} &	3.87^{**} &	4.08^{***} &	3.07 &	3.87^{**} &	3.07 \\
 &	(2.35) &	(2.39) &	(2.57) &	(2.80) &	(1.45) &	(2.57) &	(1.45) \\ [1.0ex]
GF $\times$ size &	-1.32 &	-1.29 &	-1.80 &	-1.88 &	-1.19 &	-1.80 &	-1.19 \\
 &	(-0.97) &	(-0.95) &	(-1.24) &	(-1.35) &	(-0.51) &	(-1.24) &	(-0.51) \\ [1.0ex]
NAAQS &	 &	0.23 &	2.44^{**} &	2.26^{**} &	2.50^{**} &	2.44^{**} &	2.50^{**} \\
 &	 &	(0.31) &	(2.27) &	(2.10) &	(2.19) &	(2.27) &	(2.19) \\ [1.0ex]
GF $\times$ NAAQS &	 &	 &	-2.37^{*} &	-2.95^{**} &	-2.45^{*} &	-2.37^{*} &	-2.45^{*} \\
 &	 &	 &	(-1.83) &	(-2.21) &	(-1.77) &	(-1.83) &	(-1.77) \\ [1.0ex]
MMBTU &	 &	-0.51^{**} &	-0.02 &	0.56^{**} &	-0.00 &	-0.02 &	-0.00 \\
 &	 &	(-2.03) &	(-0.07) &	(2.32) &	(-0.01) &	(-0.07) &	(-0.01) \\ [1.0ex]
GF $\times$ MMBTU &	 &	 &	-0.67^{*} &	-0.88^{***} &	-0.68^{*} &	-0.67^{*} &	-0.68^{*} \\
 &	 &	 &	(-1.93) &	(-3.48) &	(-1.93) &	(-1.93) &	(-1.93) \\ [1.0ex]
ARP price &	 &	-0.00 &	 &	0.00 &	-0.00 &	 &	-0.00 \\
 &	 &	(-0.88) &	 &	(0.37) &	(-1.12) &	 &	(-1.12) \\ [1.0ex]
Sulfur IV &	 &	 &	 &	 &	-0.62 &	 &	-0.62 \\
 &	 &	 &	 &	 &	(-0.70) &	 &	(-0.70) \\ [1.0ex]
ARP price &	 &	 &	 &	 &	0.00 &	 &	0.00 \\
$\quad\times$ sulfur IV &	 &	 &	 &	 &	(0.29) &	 &	(0.29) \\ [1.0ex]
\hline \\ [-1.8ex]
Observations &	\multicolumn{1}{c}{11,686} &	\multicolumn{1}{c}{11,686} &	\multicolumn{1}{c}{11,686} &	\multicolumn{1}{c}{10,788} &	\multicolumn{1}{c}{11,441} &	\multicolumn{1}{c}{11,686} &	\multicolumn{1}{c}{11,441} \\
R$^{2}$ &	\multicolumn{1}{c}{0.067} &	\multicolumn{1}{c}{0.067} &	\multicolumn{1}{c}{0.067} &	\multicolumn{1}{c}{0.073} &	\multicolumn{1}{c}{0.069} &	\multicolumn{1}{c}{0.067} &	\multicolumn{1}{c}{0.069} \\
\hline \\
\pagebreak
\multicolumn{8}{l}{\textbf{Panel C:  Emissions} [SO$_2$ lbs per MW of capacity per hour run]} \\ [1.0ex]
\hline
GF &	0.60 &	0.62 &	2.58^{**} &	2.03 &	2.39 &	2.77^{***} &	2.72^{**} \rule{0pt}{2.6ex} \\
 &	(0.51) &	(0.55) &	(1.97) &	(1.64) &	(1.14) &	(3.01) &	(2.20) \\ [1.0ex]
size &	0.98 &	1.27 &	2.00 &	1.59 &	1.33 &	0.32 &	0.29 \\
 &	(0.80) &	(1.06) &	(1.60) &	(1.34) &	(0.38) &	(0.35) &	(0.30) \\ [1.0ex]
GF $\times$ size &	-0.96 &	-1.08 &	-1.89 &	-1.19 &	-1.18 &	-2.08^{*} &	-2.04 \\
 &	(-0.67) &	(-0.76) &	(-1.28) &	(-0.84) &	(-0.35) &	(-1.83) &	(-1.62) \\ [1.0ex]
NAAQS &	 &	-0.48 &	2.41^{**} &	2.08^{***} &	2.24^{*} &	1.61^{***} &	1.69^{**} \\
 &	 &	(-0.77) &	(2.54) &	(2.89) &	(1.85) &	(2.60) &	(2.52) \\ [1.0ex]
GF $\times$ NAAQS &	 &	 &	-3.23^{***} &	-1.65^{*} &	-2.88^{**} &	-1.38^{*} &	-1.34^{*} \\
 &	 &	 &	(-2.83) &	(-1.72) &	(-2.16) &	(-1.68) &	(-1.66) \\ [1.0ex]
MMBTU &	 &	-0.80^{***} &	0.12 &	0.13 &	0.09 &	-0.27 &	-0.27 \\
 &	 &	(-3.00) &	(0.39) &	(0.39) &	(0.25) &	(-1.22) &	(-1.58) \\ [1.0ex]
GF $\times$ MMBTU &	 &	 &	-1.26^{***} &	-1.12^{***} &	-1.24^{***} &	-1.10^{***} &	-1.09^{***} \\
 &	 &	 &	(-3.33) &	(-3.02) &	(-2.75) &	(-3.91) &	(-3.72) \\ [1.0ex]
ARP price &	 &	0.01^{***} &	 &	0.01^{**} &	0.01^{*} &	 &	0.01^{**} \\
 &	 &	(2.81) &	 &	(2.36) &	(1.76) &	 &	(2.46) \\ [1.0ex]
Sulfur IV &	 &	 &	 &	 &	-1.38 &	 &	-0.68 \\
 &	 &	 &	 &	 &	(-0.56) &	 &	(-0.65) \\ [1.0ex]
ARP price &	 &	 &	 &	 &	0.00^{***} &	 &	0.00^{***} \\
$\quad\times$ sulfur IV &	 &	 &	 &	 &	(3.80) &	 &	(5.37) \\ [1.0ex]
\hline \\ [-1.8ex]
Observations &	\multicolumn{1}{c}{9,070} &	\multicolumn{1}{c}{9,070} &	\multicolumn{1}{c}{9,070} &	\multicolumn{1}{c}{8,590} &	\multicolumn{1}{c}{8,867} &	\multicolumn{1}{c}{14,517} &	\multicolumn{1}{c}{14,314} \\
R$^{2}$ &	\multicolumn{1}{c}{0.401} &	\multicolumn{1}{c}{0.408} &	\multicolumn{1}{c}{0.410} &	\multicolumn{1}{c}{0.434} &	\multicolumn{1}{c}{0.415} &	\multicolumn{1}{c}{0.397} &	\multicolumn{1}{c}{0.403} \\
\hline\hline
\multicolumn{8}{p{16cm}}{\textit{Notes:} This table presents our main regression results for our three channels, namely: utilization, survival and emissions. Specifications (1)-(4) and (6) are estimated using OLS, while specifications (5) and (7) use 2SLS and leverage sulfur content of the available coal weighted by network distance as an instrument for sulfur content of the combusted coal. The unit of observation is boiler-year. The sample is restricted to those boilers with inservice years between 1950 and 2006, inclusive. The $IOU+$ columns include independently-owned utilities as well as commercial and industrial boilers; while, the $All$ column uses all types of available boilers. All regressions include boiler controls as well as year, state, utility type and manufacture type fixed effects. Utilization and emissions regressions also include market controls and use data from 1995-2018, while survival estimations use 1985-2017. Boiler-level clustered standard errors used, with *** p$<$0.01,  ** p$<$0.05,  * p$<$0.10 and \textit{t}-statistics in parentheses.} \\
\\
\end{longtable}

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